José Ignacio Goirigolzarri reiterates that the merger with BMN will boost banking business revenues and increase profitability

The transaction will lead to higher revenues in both net interest income and in fees and commissions
Goirigolzarri said that these potential revenue synergies “are not included in the profitability calculations of the transaction”.

The bank estimated that the Bankia and BMN merger would result in a 16% increase in earnings per share
The bank’s chairman highlighted that the merger comes at a time when “the Spanish economy is growing strongly” and interest rates may normalise “at some point next year”.

Bankia’s chairman, José Ignacio Goirigolzarri, reiterated today that the merger with BMN will enable the bank to boost banking business core revenues while growing the customer base.

During his speech at the Extraordinary General Meeting of Shareholders held in Valencia to approve the transaction, Goirigolzarri acknowledged that the merger with BMN “opens clear opportunities for us”. “And this should lead to higher revenues in terms of both net interest income and fees and commissions,” he said.

Bankia’s chairman stressed that these potential revenue synergies “are not included in the profitability calculations of the transaction and we believe that there is a clear potential that we must exploit”.